This chapter summarizes a market mechanism for a combinatorial sealed-bid auction that was motivated by the airport slot problem under which bidders would submit bids for packages of slots that support their schedules. Under this scheme, the elemental resources would be allocated only in the...

This chapter hypothesizes that any short-run failure of markets to clear depends upon buyers knowing that increased profits result from higher prices. In the absence of this knowledge buyers may give in quickly to the equilibrating tendencies of the market. The chapter suggests that fairness' in...